Status and distinction

Abstract

Consumption of artworks and luxury items has always reflected traditional dynamics of class and social status. This chapter considers how globalisation, digitalisation and the emergence of younger generations of consumers have reshuffled these conventions, introducing new markers of status and distinction: Subversive elevations: brands draw from “low-brow” art such as graffiti or pop-art to build appeal among younger customers and create a cultural barrier with the older or aspirational segments Diversified access: the creation of ensemble collaborations where product-based collaborations are accompanied by non-fungible tokens (NFTs) has introduced further layers of differentiation Experience: with many collaborations being available as events or in other experiential formats, status is growingly expressed through experience as a new form of cultural capital based on inside knowledge and timing